ITAT Allows Tax Deduction on Agricultural Land Compensation

Virender Rathee Vs ITO (ITAT Delhi) Introduction: The case of Virender Rathee vs. ITO (ITAT Delhi) revolves around an appeal filed by the assessee against the order of the ld CIT(A), National Faceless Appeal Centre (NFAC) dated 19.01.2023 for AY 2018-19. The dispute is related to the taxability of interest received from enhanced compensation due to the compulsory acquisition of agricultural land. Analysis: The appellant argues that the interest received on enhanced compensation should be treated as accretion to the value of land and not as taxable interest. They cite various rulings and court ...